FedEx Earnings Offer a Global Growth Check 23/06/2026

 HOT stories for today

Market wrap:

• Stocks slipped Monday as weakness in technology outweighed strength in industrial names, leaving the major indexes mixed. The S&P 500 fell 0.4%, while the Nasdaq Composite dropped 1.3% as investors rotated out of megacap technology. The Dow Jones Industrial Average gained 148 points, or 0.3%, helped by a rally in Caterpillar. The “Magnificent Seven” came under pressure, with Amazon down nearly 5%, Meta falling 2%, and Alphabet sliding 5% for its worst session in more than a year.
• Concerns grew after two high-profile AI researchers left Alphabet for rivals. SpaceX also remained under pressure, dropping 16% and marking its third straight losing session after its blockbuster IPO debut. Oil prices moved lower after Qatar and Pakistan said U.S. and Iranian negotiators had made progress in Switzerland toward a potential final agreement within 60 days. Asian markets turned lower Tuesday after giving up earlier gains, with South Korea’s Kospi leading regional losses. Investors now turn to earnings from Carnival and Korn Ferry before the open, along with preliminary June S&P Global manufacturing and services PMI readings.

Alphabet hit by AI talent fear

• Alphabet suffered its biggest one-day drop in more than a year on Monday as investors grew concerned that Google may be losing ground in the battle for top AI talent. Shares of Alphabet (GOOGL, GOOG) fell about 5%, wiping out roughly $225 billion in market value, its largest single-day market-cap loss on record. The selloff followed two high-profile departures from Google’s AI teams. Noam Shazeer, co-lead of the Gemini model, is leaving Google DeepMind for OpenAI, while Nobel Prize winner John Jumper is departing for Anthropic. 
• The exits revived a key bear-case concern: that Google may struggle to retain the human talent needed to compete at the frontier of artificial intelligence. Other megacap tech names also traded lower, with Microsoft (MSFT) falling after announcing new data-center plans and Meta Platforms (META) slipping after a WhatsApp leadership shake-up. Separately, Alphabet said DeepMind will collaborate with film studio A24 on AI research and invest in the company, highlighting its broader push to apply AI across media and creative industries.

Stocks on the move:

• SpaceX (SPCX): Shares sank 16.4% to $154.60, closing below their debut close, as investors reacted to financing concerns despite Reflection’s planned $150 million monthly payments starting July 1.
• Alphabet (GOOGL): Shares fell 5% to $349.68, wiping out roughly $269 billion in market value, after AlphaFold pioneer and Nobel laureate John Jumper left Google DeepMind for Anthropic.
• Micron Technology (MU): Shares gained 6.8% to $1,211.38 after announcing an agreement covering Micron memory and storage products, along with an undisclosed investment in Anthropic. Micron reports fiscal third-quarter results Wednesday after the close.
• Palantir (PLTR): Shares dropped 7% to $119.50 after France selected ChapsVision for future DGSI intelligence work, though the U.S. Army later named Palantir’s software part of its NGC2 common data-layer baseline.

Watchlist: SPCX, MU, META, GOOGL, SMCI, PLTR, CCL, XOM, CRM

Key Economic Events Today:

EST time

08:15 am: USD ADP Weekly Employment Change
09:45 am: USD Flash Manufacturing, Services PMI
10:00 am: USD Richmond Manufacturing Index


Earnings

BMC (Before Market Open): Carnival (CCL), Sunbelt Rentals (SUNB), Korn Ferry (KFY)

AMC (After Market Close): FedEx Corp. (FDX), Cerebras Systems (CBRS), ICON Plc. (ICLR)



The TEFS Analyst team wishes you a successful day!